Nowadays, it just might be the best time for that loan that you always needed to boost your business and finally achieve the growth you’ve wanted. It still isn’t easy to get a loan from a traditional bank as a small business owner. However, with the ever growing influence of the internet, new options are being made available to such people, which are online lenders. They are giving banks a hard time because they simply offer better options as of now. The lending process is easier, they don’t take ages to evaluate you and give you an answer, the terms are quite clear and they’re a lot more flexible in their negotiations.
Lets take a look at the business loan leads at the moment:
They just started a new program centered in loaning to small businesses. However, they are not the best option for start ups. They are looking for already established business, but still small. Their basic conditions are that you own it for at least two years and are averaging seventy five thousands dollars yearly in revenue. They are the best option in most cases due to their interest rate that goes as low as 5.99%.
This company only lends to small businesses, which is great because it shows how devoted they are and experienced in the matter. However, they are more strict than the Lending Club. They require the same two years of existence, but they ask for a higher revenue stream as a prerequisite, which is nearly double, around a hundred fifty thousand yearly. On the other hand, they approve loans as big as five hundred thousand dollars. Their interest rate is very decent ranging from 8.99% to 20.99%.
Unlike the rest, this company focus also on medium sized companies. They have the same requirements as the above with an extra condition, which is that you the company must have at least more than two employees, excluding the owner. They take a little more time to accept your application but they’re still one of the best options out there.
At the moment, the top business loans are among online lenders. However, if you’re looking for other roads to follow, you can always resort to traditional banks, credit unions, the Small Business Administration or even other online lenders. What matters is that you’re able to take an informed decision in the best loan that you can get to expand your business. If you are a solid candidate to a loan, with the proper research and loan your company will be able to prosper and thrive.